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4 edition of Capital account liberalization, institutional quality, and economic growth found in the catalog.

Capital account liberalization, institutional quality, and economic growth

Michael W. Klein

Capital account liberalization, institutional quality, and economic growth

theory and evidence

by Michael W. Klein

  • 138 Want to read
  • 23 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in

    Subjects:
  • Capital movements -- Mathematical models.,
  • Fiscal policy -- Mathematical models.,
  • Economic development -- Mathematical models.

  • Edition Notes

    StatementMichael W. Klein.
    SeriesNBER working paper series ;, working paper 11112, Working paper series (National Bureau of Economic Research : Online) ;, working paper no. 11112.
    ContributionsNational Bureau of Economic Research.
    Classifications
    LC ClassificationsHB1
    The Physical Object
    FormatElectronic resource
    ID Numbers
    Open LibraryOL3477086M
    LC Control Number2005616700

    capital account liberalization or the latter in fact has no independent impact on growth.” Thus IV estimation has for the most part not yielded a positive effect of capital account liberalization on growth. A number of potential problems with these instruments, however, have been noted by Arteta et al. ().Cited by:   Countries with open capital accounts over some or all of this period had a significantly greater increase in financial depth than countries with continuing capital account restrictions, and they also enjoyed greater economic growth. These results, however, are largely driven by the developed countries included in the sample.

      This paper surveys the literature on the effects of capital account openness and stock market liberalization on economic growth and provides a synthesis in which we reconcile some of the different results presented in the literature. Various empirical measures used to gauge the presence of controls on capital account transactions and the liberalization of equity markets are by: Capital-Account Liberalization, the Cost of Capital, and Economic Growth By PETER BLAIR HENRY* Capital-account liberalization was once seen as an inevitable step along the path to eco-nomic development for poor countries. Liberal-izing the capital account, it was said, would permit financial resources to flow from capital-.

    Capital Market Liberalization in China 85 mentioned before, the only way through which a country can generate sustainable growth is improvements in total factor productivity, whereas short-term capital flows, more often than not, will only increase asset prices and create economic bubbles. Foreign Direct Investment: the Path of China. 4. Economic Policies and Growth Outcomes 5. Structural Characteristics and Economic Policies Financial sector development Institutional quality Trade openness 6. Macroeconomic policies Theory Evidence 7. Direction of Capital Flows and Economic Growth Empirical evidence


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Capital account liberalization, institutional quality, and economic growth by Michael W. Klein Download PDF EPUB FB2

Capital Account Liberalization, Institutional Quality and Economic Growth: Theory and Evidence Michael W. Klein Fletcher School, Tufts University and NBER First Draft: Febru Abstract: This paper shows that the effects of capital account liberalization on growth depend upon the environment in which that policy change occurs.

Capital Account Liberalization, Institutional Quality and Economic Growth: Theory and Evidence Michael W. Klein. NBER Working Paper No. Issued in FebruaryRevised in November NBER Program(s):International Finance and Macroeconomics.

Capital Account Liberalization, Institutional Quality and Economic Growth: Theory and Evidence Article (PDF Available) Institutional quality with Reads How we measure 'reads'. Downloadable. This paper shows that the effect of capital account liberalization on growth depends upon the environment in which that policy occurs.

A theoretical model demonstrates the possibility of an inverted-U shaped relationship between the responsiveness of growth to capital account liberalization and institutional quality.

Three empirical specifications based on the model are estimated. Get this from a library. Capital account liberalization, institutional quality and economic growth: theory and evidence. [Michael W Klein; National Bureau of Economic Research.] -- "This paper shows that the effect of capital account liberalization on growth depends upon the environment in which that policy occurs.

A theoretical model demonstrates the possibility of an. produces an estimate for the direct impact of capital account liberalization on growth that is insignificant, while the effect of capital account liberalization on growth through financial deepening remains highly significant.

Overall, the results in this section confirm an important link from financial development to economic by: w Capital Account Liberalization, Institutional Quality and Economic Growth: Theory and Evidence: Rancière, Tornell, and Westermann: w Decomposing the Effects of Financial Liberalization: Crises vs.

Growth: Henry: w Capital Account Liberalization: Theory, Evidence, and Speculation. Get this from a library. Capital Account Liberalization, Institutional Quality and Economic Growth: Theory and Evidence. [Michael W Klein] -- This paper shows that the effect of capital account liberalization on growth depends upon the environment in which that policy occurs.

A theoretical model demonstrates the possibility of an. Downloadable (with restrictions). Despite the diversity of theoretical and empirical studies, the question of capital account–economic growth relationship remains a controversial issue. The aim of the paper is to complete the existing evidence focusing on Middle East and North Africa (MENA) countries, while taking into account the institutional : Mohamed Ilyes Gritli, Mohamed Ilyes Gritli, Fatma Marrakchi Charfi.

This study examines the impact of capital account liberalization on economic growth in Nigeria. The period of study covers between and This period was divided into Pre-Liberalization. restrictions on capital flows across borders. The capital account liberalization is a critical policy decision for the Emerging Market Economies (EMEs).

This research work aims at exploring the impact of capital account liberalization on economic growth in the 17 emerging economies over the period - They updated data on capital account liberalization for countries over the period of in May This study uses the Chinn and Ito de jure capital account openness index, which is.

Empirical methodology OLS estimation. I first estimate the effect of capital account liberalization on growth using OLS with heteroskedasticity-consistent standard errors: (1) Growth it = β 0 + β 1 CapLib it + Controls it δ + ε it where “Growth” is real per capita GDP growth, “CapLib” is an index of capital account liberalization, either the IMF binary indicator, the Cited by: institutions which influence the decision to open the capital account also affect growth directly.

In other words, they do not satisfy the exclusion restriction for a valid instrument for capital account liberalization. This renders identification problematic in regressions involving aggregate growth and a measure of capital account Size: KB.

cation of both saving and investment, economic growth can be more rapid and sustainable. This is not to dismiss the reality that with liberalization the econ-omy will be more vulnerable to market sentiment and that market shifts—while usually rational—will be excessive at times.

Capital Account Liberalization and The Role of the IMF. CAPITAL ACCOUNT LIBERALIZATION AND ECONOMIC PERFORMANCE 1The benefits of open capital markets were stressed by Lawrence Summers in his Richard T.

Ely Lecture to the American Economic Association when he said “ to the extent that international financial integration represents an improvement in financial intermediation.

The expected benefits of financial liberalization—and particularly a liberalized capital account—are the ability to undertake investments in excess of the level of domestic savings (which is especially important for Latin American countries with low savings rates) and finance economic growth; the technology transfers associated with foreign.

Capital Account Liberalization and Poverty: A recent study that is concerned with the relationship between foreign capital inflows and economic growth in developing and emerging countries is Prasad and Rajan (). They find a weak relationship at best. liberalization, poverty and institutional quality.

The empirical strategy that we. Capital Market Liberalization, Economic Growth, and Instability JOSEPH E. STIGLITZ The World Bank, Washington, DC, USA Summary. — This paper reviews briefly the arguments for capital market liberalization, and identifies their theoretical and empirical weaknesses.

This provides the foundations for the argument for intervention in short-term. Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy.

This paper reviews the theories behind capital account liberalization and examines the dangers associated with free capital flows. The authors conclude that the dangers can be.

Capital Account Liberalization, the Cost of Capital, and Economic Growth Peter Blair Henry Center on Democracy, Development, and The Rule of Law Freeman Spogli Institute for International Studies This working paper was produced as part of CDDRL’s ongoing programming on economic and political development in transitional by:   First, it is commonly argued that the benefits of capital account liberalization depend on the quality of financial institutions.

Where institutions are weak and the access to credit is not inclusive, liberalization may exacerbate inequality by increasing the bias .The quality of growth (English) Abstract. This book is presented in the spirit of continuous inquiry and feedback in framing development thinking. It reaffirms the crucial contribution of market-friendly policies.

It also highlights key missing ingredients and fresh evidence. Not a complete review.